Mergers & Acquisitions
February 2, 2022
Westlake Completes Epoxy Purchase of Hexion
Westlake completes acquisition of Hexion epoxy business February 02/2022 MOSCOW (MRC) — Westlake Chemical Corporation has announced that it has completed the acquisition of Hexion Inc.’s global epoxy business for approximately USD1.2 billion in an all-cash transaction, as per the company’s press release.
Based in Rotterdam, The Netherlands, the epoxy business, which will be branded as Westlake Epoxy, is an industry leader in the manufacture and development of specialty resins, coatings and composites for a variety of industries, including high-growth and sustainability-oriented end-uses such as wind turbine blades and light-weight automotive structural components.
“With this transaction, Westlake will significantly expand its integrated business by adding a leading downstream portfolio of coatings and composite products,” said Westlake President and Chief Executive Officer Albert Chao. “Light-weighting is a critical feature for the manufacture of structural components for automobiles and for renewable energy, particularly the composite blades used by wind turbines, and epoxies are key ingredients for these sustainable products. The industries served by Westlake Epoxy are very attractive and the business is expected to be a synergistic addition to Westlake’s existing businesses. We welcome the epoxy employees to the Westlake family and look forward to realizing the tremendous opportunities to grow the combined businesses.”
Westlake Epoxy is a global leading producer of epoxy resins, modifiers and curing agents for high-performance materials, coatings and composites. The fully-integrated business includes upstream base epoxy resins and intermediates delivered as liquid or solid epoxy resins, as well downstream specialty epoxy resins used in coatings and composites. Westlake Epoxy serves numerous industries, including adhesives; aerospace; automotive; civil engineering and construction; composite and wind energy; electronics; electrical laminates; as well as marine and protective coatings.
As MRC reported before, in 2021, Hexion Inc., a major American manufacturer of phenol and bisphenol A (BPA), has recently announced that in order to help address climate change, it has committed to reduce absolute carbon emissions by 20% by 2030.
Hexion Inc., formerly Momentive Specialty Chemicals Inc., is a chemical company based in Columbus, Ohio. It manufactures thermosetting resins and related technologies and specialty products. Hexion has two divisions: the epoxy, phenolic and coating resins division and the forest products division.
Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company’s range of products includes: ethylene, polyethylene, styrene, propylene, chlor-alkali and derivative products, PVC suspension and specialty resins, PVC Compounds, and PVC building products including siding, pipe, fittings and specialty components, windows, fence, deck and film.
http://www.mrcplast.com/news-news_open-398970.html
January 26, 2022
Hexion Shareholders Approve Acquisition
Hexion shareholders approve acquisition by private equity firm January 26/2022 MOSCOW (MRC) — Hexion Holdings Corporation has announced that stockholders holding approximately 64.32% of the outstanding shares of common stock of the Company delivered to the Company written consents approving the proposed acquisition of the Company by affiliates of American Securities LLC, according to MorningStar.
Under and subject to the terms of the definitive merger agreement with affiliates of American Securities LLC, Hexion stockholders will be entitled to receive USD30.00 in cash for each share of common stock they own.
Hexion last month entered into a definitive agreement to be acquired by American Securities for USD2.06bn, including the assumption of around USD1.24bn in net debt, for a total enterprise value of around USD3.3bn.
The sale to American Securities, along with the earlier deal to sell its epoxy business to Westlake Chemical, concludes Hexion’s evaluation of strategic actions aimed at maximising shareholder value.
As MRC reported before, in July 2021, Hexion Inc., a major American manufacturer of phenol and bisphenol A (BPA), has recently announced that in order to help address climate change, it has committed to reduce absolute carbon emissions by 20% by 2030.
Asd in November,2021, Hexion Holdings Corporation announced that as a result of its ongoing strategic review it had entered into a definitive agreement to sell its epoxy-based Coatings and Composite businesses, which includes the epoxy speciality resins and base epoxy resins and intermediates product lines (together, the “Epoxy Business”) for approximately US1.2bn to Westlake Chemical Corporation.
Based in Columbus, Ohio, Hexion Inc. is a global leader in thermoset resins. Hexion Inc. serves the global adhesive, coatings, and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries.
http://www.mrcplast.com/news-news_open-398607.html
January 26, 2022
Hexion Shareholders Approve Acquisition
Hexion shareholders approve acquisition by private equity firm January 26/2022 MOSCOW (MRC) — Hexion Holdings Corporation has announced that stockholders holding approximately 64.32% of the outstanding shares of common stock of the Company delivered to the Company written consents approving the proposed acquisition of the Company by affiliates of American Securities LLC, according to MorningStar.
Under and subject to the terms of the definitive merger agreement with affiliates of American Securities LLC, Hexion stockholders will be entitled to receive USD30.00 in cash for each share of common stock they own.
Hexion last month entered into a definitive agreement to be acquired by American Securities for USD2.06bn, including the assumption of around USD1.24bn in net debt, for a total enterprise value of around USD3.3bn.
The sale to American Securities, along with the earlier deal to sell its epoxy business to Westlake Chemical, concludes Hexion’s evaluation of strategic actions aimed at maximising shareholder value.
As MRC reported before, in July 2021, Hexion Inc., a major American manufacturer of phenol and bisphenol A (BPA), has recently announced that in order to help address climate change, it has committed to reduce absolute carbon emissions by 20% by 2030.
Asd in November,2021, Hexion Holdings Corporation announced that as a result of its ongoing strategic review it had entered into a definitive agreement to sell its epoxy-based Coatings and Composite businesses, which includes the epoxy speciality resins and base epoxy resins and intermediates product lines (together, the “Epoxy Business”) for approximately US1.2bn to Westlake Chemical Corporation.
Based in Columbus, Ohio, Hexion Inc. is a global leader in thermoset resins. Hexion Inc. serves the global adhesive, coatings, and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries.
http://www.mrcplast.com/news-news_open-398607.html
January 20, 2022
Casper Update
Casper Sleep Inc. Announces Stockholder Approval of Merger Agreement
Wed, January 19, 2022, 4:09 PM·6 min read
NEW YORK, January 19, 2022–(BUSINESS WIRE)–Casper Sleep Inc. (NYSE: CSPR) (“Casper” or the “Company”) announced that its stockholders voted today to adopt the Agreement and Plan of Merger (the “Merger Agreement”), whereby Casper will be acquired by certain subsidiaries of Durational Consumer SPV IV, LP (the “Durational Vehicle”), an investment vehicle managed by Durational Capital Management, LP. According to the preliminary results announced at Casper’s Special Meeting of Stockholders, approximately 69.5% of the vote represented by Casper’s outstanding stock were voted in favor of the Merger Agreement. The final voting results of the Special Meeting, as tabulated by an independent inspector of elections, will be filed as part of Form 8-K with the U.S. Securities and Exchange Commission.
Subject to the satisfaction of certain other closing conditions, the transaction is expected to close during the week of January 24, 2022. Upon closing the transaction, Casper will operate as a privately-held company and will remain based in New York.
About Casper
Casper believes everyone should sleep better. The Sleep Company has a full portfolio of obsessively engineered sleep products—including mattresses, pillows, bedding, and furniture designed in-house by the Company’s award-winning R&D team at Casper Labs. In addition to its e-commerce business, Casper owns and operates Sleep Shops across North America and its products are available at a growing list of retailers.
About Durational Capital Management, LP
Based in New York, Durational Capital Management, LP is an investment firm that invests in high quality consumer companies. Durational approaches its investments with a strategic mindset and focuses on driving long-term value creation through partnership with top tier management teams and actively supporting management to drive operational improvements. The firm was founded in 2017, and its investment professionals have extensive experience investing in the consumer sector. For more information, visit: www.durational.com.
https://finance.yahoo.com/news/casper-sleep-inc-announces-stockholder-210900258.html
January 20, 2022
Casper Update
Casper Sleep Inc. Announces Stockholder Approval of Merger Agreement
Wed, January 19, 2022, 4:09 PM·6 min read
NEW YORK, January 19, 2022–(BUSINESS WIRE)–Casper Sleep Inc. (NYSE: CSPR) (“Casper” or the “Company”) announced that its stockholders voted today to adopt the Agreement and Plan of Merger (the “Merger Agreement”), whereby Casper will be acquired by certain subsidiaries of Durational Consumer SPV IV, LP (the “Durational Vehicle”), an investment vehicle managed by Durational Capital Management, LP. According to the preliminary results announced at Casper’s Special Meeting of Stockholders, approximately 69.5% of the vote represented by Casper’s outstanding stock were voted in favor of the Merger Agreement. The final voting results of the Special Meeting, as tabulated by an independent inspector of elections, will be filed as part of Form 8-K with the U.S. Securities and Exchange Commission.
Subject to the satisfaction of certain other closing conditions, the transaction is expected to close during the week of January 24, 2022. Upon closing the transaction, Casper will operate as a privately-held company and will remain based in New York.
About Casper
Casper believes everyone should sleep better. The Sleep Company has a full portfolio of obsessively engineered sleep products—including mattresses, pillows, bedding, and furniture designed in-house by the Company’s award-winning R&D team at Casper Labs. In addition to its e-commerce business, Casper owns and operates Sleep Shops across North America and its products are available at a growing list of retailers.
About Durational Capital Management, LP
Based in New York, Durational Capital Management, LP is an investment firm that invests in high quality consumer companies. Durational approaches its investments with a strategic mindset and focuses on driving long-term value creation through partnership with top tier management teams and actively supporting management to drive operational improvements. The firm was founded in 2017, and its investment professionals have extensive experience investing in the consumer sector. For more information, visit: www.durational.com.
https://finance.yahoo.com/news/casper-sleep-inc-announces-stockholder-210900258.html
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